Crypto Mining Firm Fortress Blockchain Posts 62 Percent Gross Mining Margin

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Crypto Mining Firm Fortress Blockchain Posts 62 Percent Gross Mining Margin

Sat Dec 01, 2018 5:18 pm

Canada-based cryptocurrency mining company Fortress Blockchain Inc. announced its Q3 2018 financial results through apress release, published November 28, 2018. One of the key takeaways from the report is the dip in gross mining margin from $740,872 in Q2 2018, to $384,274 for the quarter ending September 30, 2018.

Falling Profitability in Crypto Mining Business
The report states the company mined 64.5 BTC during the quarter, at an average cost of $6,794 per bitcoin. The less than global cost of mining bitcoin can be attributed to the fact that the company operates in a low-cost North American green-energy region.

About bitcoin cash, the company mined 52 BCH at an average cost of $617.

Net loss during the quarter amounted to approximately $1.5 million, with non-cash costs occupying the major chunk of it. The firm incurred depreciation worth $387,815 on assets, and paid share-based compensation and listing expenses to the tune of $263,750 and $390,694, respectively.

During the ongoing quarter, from October 1 to November 28, Fortress has mined 37 BTC and 16 BCH. The remarkably low amount of BCH mined can largely be attributed to the controversial BCH hard-fork which went live on November 15, 2018.


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